EverSource Wealth Advisors LLC Reduces Stock Position in C3.ai, Inc. (NYSE:AI)

EverSource Wealth Advisors LLC trimmed its holdings in shares of C3.ai, Inc. (NYSE:AI) by 7.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,625 shares of the company’s stock after selling 2,321 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in C3.ai were worth $792,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in AI. Vanguard Group Inc. lifted its stake in shares of C3.ai by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock valued at $288,239,000 after purchasing an additional 317,768 shares during the last quarter. Coatue Management LLC raised its holdings in C3.ai by 25.1% during the 4th quarter. Coatue Management LLC now owns 2,832,229 shares of the company’s stock valued at $81,313,000 after buying an additional 568,369 shares during the period. Global Assets Advisory LLC lifted its position in C3.ai by 2,547.8% in the first quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock worth $24,273,000 after buying an additional 862,811 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in C3.ai by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock worth $22,344,000 after buying an additional 1,929 shares during the period. Finally, Norges Bank bought a new position in C3.ai during the fourth quarter valued at $10,879,000. Institutional investors own 38.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on AI. Canaccord Genuity Group lowered their target price on shares of C3.ai from $30.00 to $23.00 and set a “hold” rating for the company in a report on Thursday, September 5th. Bank of America decreased their price objective on shares of C3.ai from $24.00 to $20.00 and set an “underperform” rating for the company in a research note on Thursday, September 5th. Wedbush dropped their target price on C3.ai from $40.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. DA Davidson reduced their price target on C3.ai from $30.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Finally, Oppenheimer restated an “outperform” rating and set a $40.00 price objective on shares of C3.ai in a report on Thursday, September 5th. Three analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $27.70.

C3.ai Stock Up 0.2 %

AI opened at $23.30 on Tuesday. The stock’s fifty day moving average is $24.70 and its two-hundred day moving average is $25.98. The company has a market capitalization of $2.91 billion, a P/E ratio of -9.96 and a beta of 1.81. C3.ai, Inc. has a 52 week low of $18.85 and a 52 week high of $38.30.

C3.ai (NYSE:AI) last posted its quarterly earnings results on Wednesday, September 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.08. The business had revenue of $87.21 million for the quarter, compared to the consensus estimate of $86.94 million. C3.ai had a negative return on equity of 31.28% and a negative net margin of 85.47%. The business’s revenue was up 20.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.56) EPS. Equities analysts anticipate that C3.ai, Inc. will post -2.32 earnings per share for the current year.

Insider Activity

In other C3.ai news, CFO Hitesh Lath sold 3,005 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $27.56, for a total transaction of $82,817.80. Following the completion of the sale, the chief financial officer now owns 7,390 shares in the company, valued at $203,668.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 34.00% of the company’s stock.

About C3.ai

C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company provides C3 AI platform, an application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; C3 AI Ex Machina for analysis-ready data; C3 AI CRM, an industry specific customer relationship management solution; and C3 Generative AI Product Suite that enables to locate, retrieve, and present information.